Will credit card / travel partner point devaluations and the shift to Cash Back reduce demand for Business Class travel?

I am a huge fan of international Business Class travel and have redeemed points for 5 Business Class trips since 2017. However, I've recently shifted from exclusively spending in the Chase UR ecosystem to a nearly all cash back stack anchored by the Fidelity Visa. Now I really think twice about the value of spending $18,000 on three business class seats when economy would cost me $2,700. I suspect that this is commonplace. My question is will the reduced demand result in lower Business Class fares or will airlines go through reducing Business Class seats (just after expanding them for the past five years)?